The Biden administration is canceling student loans for another 160,000 borrowers through a combination of existing programs.
The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans. With the latest action, the administration said it has canceled $167 billion in student debt for nearly 5 million Americans through several programs.
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The latest relief will go to borrowers in three categories who hit certain milestones that make them eligible for cancellation. It will go to 54,000 borrowers who are enrolled in Biden’s new income-driven repayment plan, along with 39,000 enrolled in earlier income-driven plans, and about 67,000 who are eligible through the Public Service Loan Forgiveness program.
Sad for those who worked hard and repaid their loans and now get to watch as everyone else gets theirs written off
Bad take. Just because one group of people had to go through some pain, doesn’t mean other groups should have to go through the same pain.
A long term strategy would still be better, but for now, this is a good move.
No pain - no gain.
I graduated 70k in debt. Paid it all off myself. I’m fine with this.